UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08025 Global Income Fund, Inc. (Exact name of registrant as specified in charter) 11 Hanover Square, 12th Floor New York, NY 10005 (Address of principal executive offices) (Zip code) Thomas B. Winmill, President Global Income Fund, Inc. 11 Hanover Square, 12th Floor New York, NY 10005 (Name and address of agent for service) Registrant's telephone number, including area code: 1-212-344-6310 Date of fiscal year end: 12/31 Date of reporting period: 9/30/06 Item 1. Schedule of Investments September 30, 2006 (Unaudited) GLOBAL INCOME FUND, INC. FORM N-Q - SEPTEMBER 30, 2006 (UNAUDITED)

PRINCIPAL AMOUNT (a) DEBT SECURITIES (96.03%) MARKET VALUE AUSTRALIA (10.40%) 1,500,000 AUD Commonwealth Bank of Australia, 6.75% Senior Government Guaranteed Notes, due 12/01/07 $ 1,126,978 1,000,000 National Australia Bank, 8.60% Subordinated Notes, due 05/19/10 1,111,548 300,000 Principal Financial Group, 144A, 8.20% Senior Notes, due 08/15/09 322,891 500,000 AUD Telstra Corp. Ltd., 6.25% Senior Notes due 4/15/15 363,792 500,000 AUD Telstra Corp. Ltd., 7.25% Senior Notes due 11/15/12 385,022 ----------- 3,310,231 ----------- AUSTRIA (4.23%) 1,000,000 EUR Republic of Austria, 5.25% Euro Medium Term Notes, due 01/04/11 1,347,127 ----------- CANADA (13.12%) 1,000,000 CAD Canada Housing Trust 144A, 4.75% Guaranteed Notes, due 03/15/07 (b) 898,700 1,300,000 AUD Government of Quebec, 6.00% Senior Unsubordinated Notes, due 02/18/09 964,198 1,000,000 CAD HSBC Financial Corp. Ltd., 4.00% Medium Term Notes, due 5/03/10 888,375 500,000 CAD Molson Coors Cap, 5.00% Guaranteed Notes, due 9/22/15 446,800 1,350,000 AUD Province of Ontario, 5.50% Euro Medium Term Notes, due 07/13/12 979,598 ----------- 4,177,671 ----------- CYPRUS (2.06%) 500,000 EUR Republic of Cyprus, 4.375% Euro Medium Term Notes, due 07/15/14 654,116 ----------- FRANCE (8.12%) 1,000,000 EUR Elf Aquitaine, 4.50% Senior Unsubordinated Notes, due 03/23/09 1,287,943 1,000,000 EUR Societe Nationale des Chemins de Fer Francais, 4.625% Euro Medium Term Notes, 1,297,592 due 10/25/09 ----------- 2,585,535 ----------- GERMANY (5.88%) 500,000 GBP Dresdner Bank Aktiengesellschaft, 7.75% Subordinated Bonds, due 12/07/07 957,136 500,000 GBP RWE Finance B.V., 4.625% Notes, due 08/17/10 914,301 ----------- 1,871,437 HUNGARY (1.99%) 500,000 EUR Republic of Hungary, 4.00% Bonds, due 09/27/10 634,560 ----------- JAPAN (4.00%) 1,000,000 EUR Toyota Motor Credit Corp., 4.125% Euro Medium Term Notes, due 01/15/08 1,272,895 ----------- KOREA (1.60%) 500,000 Korea Development Bank, 5.75% Notes, due 09/10/13 510,306 ----------- MEXICO (3.11%) 1,000,000 United Mexican States, 5.625% Notes, due 01/15/17 990,500 ----------- NETHERLANDS (16.35%) 1,000,000 EUR Aegon N.V., 4.625% Euro Medium Term Notes, due 04/16/08 1,282,107 500,000 EUR Essent N.V., 4.50% Euro Medium Term Notes, due 06/25/13 651,482 500,000 EUR Heineken N.V., 4.375% Bonds, due 02/04/10 638,823 1,000,000 EUR ING Bank N.V., 5.50% Euro Medim Term Notes, due 01/04/12 1,356,410 1,000,000 EUR Nederlandse Waterschapsbank, 4.00% Notes, due 02/11/09 1,274,754 ----------- 5,203,576 -----------

1 GLOBAL INCOME FUND, INC. FORM N-Q - SEPTEMBER 30, 2006 (UNAUDITED) - CONTINUED

PRINCIPAL AMOUNT DEBT SECURITIES (96.03%) MARKET VALUE SWEDEN (4.10%) 1,000,000 EUR Kingdom of Sweden, 5.00% Eurobonds, due 01/28/09 $ 1,304,966 ----------- UNITIED KINGDOM (11.45%) 1,000,000 EUR National Westminster Bank, 7.375% Subordinated Notes, due 10/01/09 1,065,500 1,000,000 EUR Tesco PLC, 4.75% Euro Medium Term Notes, due 04/13/10 1,299,985 1,000,000 EUR Vodafone Group Plc, 4.625% Euro Medium Term Notes, due 01/31/08 1,278,842 ----------- 3,644,327 ----------- UNITED STATES (1.41%) 500,000 CIT RV Trust 1998-A B , 6.29% Subordinated Bonds, due 01/15/17 448,938 ----------- SUPRANATIONAL/OTHER (8.21%) 738,000 GBP European Investment Bank, 5.50% Supra-National Bonds, due 12/07/11 1,410,774 1,200,000 The International Bank for Reconstruction & Development, 5.05% Notes, due 05/29/08 1,201,560 ----------- 2,612,334 ----------- Total Debt Securities (cost: $30,780,847) 30,568,519 ----------- SHARES PREFERRED STOCKS (3.48%) MARKET VALUE UNITED STATES (3.48%) 4,000 BAC Capital Trust II, 7.00% 101,520 25,000 Corporate-Backed Trust Certificates, 8.20% (Motorola) 637,000 10,000 The Walt Disney Company, 7.00% 253,800 5,000 SATURNS-Bellsouth SM, 5.875% 116,500 ----------- 1,108,820 ----------- Total Preferred Stocks (cost: $1,100,000) 1,108,820 ----------- Total Investments (cost: $31,880,847) (99.51%) $ 31,677,339 ----------- Other Assets Less Liabilities (0.49%) 157,022 ----------- TOTAL NET ASSETS (100.00%) $ 31,834,361 =========== (a) The principal amount is stated in U.S. dollars unless otherwise indicated. (b) 144A securities may be sold to institutional investors only. The total market value of this security represents approximately 2.82% of total net assets. Income Taxes. At September 30, 2006, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows: Unrealized appreciation $ 364,472 Unrealized depreciation (567,980) ---------- Net unrealized depeciation $ (203,508) ========== Aggregate cost of securities for income tax purposes $ 31,880,847 ==========

2 Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. Item 2. Controls and Procedures (a) The Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits (a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GLOBAL INCOME FUND, INC. By:/s/ Thomas B. Winmill ----------------------- Thomas B. Winmill, President Date: November 17, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By:/s/ Thomas B. Winmill ----------------------- Thomas B. Winmill, President Date: May 26, 2006 By:/s/ Thomas O'Malley ----------------------- Thomas O'Malley, Chief Financial Officer Date: November 17, 2006 EXHIBIT INDEX (a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)